Monte Paschi, Parmalat, Popolare Etruria May Move: Italian Equity Preview
The following companies may be active in Italian trading. Stock symbols are in parentheses and share prices are from the previous close.
Italy’s benchmark FTSE MIB Index (FTSEMIB) dropped 23.22, or 0.1 percent, to 22,365.93 in Milan.
Banca Monte dei Paschi di Siena SpA (BMPS) : Italy’s third-largest bank presents its new business plan in Milan. The lender said after markets closed that it approved a capital increase for as much as 2.47 billion euros ($3.57 billion). The company plans a share sale of as much as 2 billion euros and a further 471 million-euro rights offer to repurchase hybrid securities, it said. The stock advanced 1.5 percent to 94.45 cents.
Banca Popolare dell’Etruria e del Lazio (PEL) Scrl: The regional bank approved the sale of convertible bonds, according to a statement. The stock lost 0.9 percent to 2.99 euros.
Enel SpA (ENEL) : Italy’s biggest utility had its price estimate increased to 5.5 euros from 5 euros at JPMorgan Chase & CO. The shares fell 0.2 percent to 4.59 euros.
Fiat Industrial SpA (FI IM): Exane BNP Paribas lifted its price estimate on the stock by 2 percent to 10.2 euros. The shares dropped 1.2 percent to 9.84 euros.
Parmalat SpA (PLT) : Italy’s Cassa Depositi e Prestiti approved changes to its statutes to allow the state-owned lender to buy stakes in companies of “national interest,” a decision that is part of the government’s efforts to block France’s Groupe Lactalis from gaining control of Parmalat. Parmalat shares fell 1.3 percent to 2.27 euros.
STMicroelectronics N.V. (STM IM): Exane trimmed its price projection on Europe’s largest chipmaker by 9 percent to $14.5. The shares fell 1.2 percent to 8.58 euros.
Unione di Banche Italiane SCPA (UBI) : The stock was downgraded to “hold” from “add” at Banca IMI. The shares fell 4 cents, or 0.6 percent, to 6.18 euros